Bitcoin price tag failed to appropriate previously mentioned the $55,750 zone versus the US Dollar. BTC is showing bearish symptoms and it stays at a danger of a lot more losses below $54,000.
- Bitcoin unsuccessful to proper bigger and it struggled to settle previously mentioned $55,500.
- The price is now trading perfectly down below $55,500 and the 100 hourly simple shifting regular.
- There is a critical bearish development line forming with resistance around $56,000 on the hourly chart of the BTC/USD pair (info feed from Kraken).
- The pair is most likely to decrease intensely if it fails to keep above $54,000 and $53,750.
Bitcoin Rate Signaling Bearish Signals
Yesterday, we noticed a important decrease in bitcoin underneath the $55,500 assist zone. BTC even broke the $54,000 amount right before setting up an upside correction.
There was a recovery previously mentioned the $55,000 resistance. The price tag even climbed higher than $55,500, but there was no abide by up go. A higher was fashioned in close proximity to $55,757 prior to the cost declined once more. It broke the $55,000 support zone.
It is now trading very well under $55,500 and the 100 hourly easy moving average. There is also a critical bearish pattern line forming with resistance in the vicinity of $56,000 on the hourly chart of the BTC/USD pair.
Resource: BTCUSD on TradingView.com
An original resistance on the upside is in close proximity to the $54,650 level. It is around the 50% Fib retracement degree of the recent drop from the $55,757 higher to $53,504 low. The to start with big resistance is near the $54,850 and $55,000 degrees.
The 61.8% Fib retracement degree of the current fall from the $55,757 high to $53,504 minimal is also in the vicinity of $54,850. To begin a constant restoration, the rate will have to settle above $55,000 and $55,500. The next major resistance for the bulls could be in the vicinity of the $57,000 area.
More Losses in BTC?
If bitcoin fails to proper greater earlier mentioned $55,000 and $55,500, there are likelihood of additional downsides in the near time period. An initial assistance is in the vicinity of the $54,000 amount.
The key support is now in close proximity to the $53,150 degree, beneath which the bears may well intention a exam of the $50,000 assistance zone in the in close proximity to phrase.
Technical indicators:
Hourly MACD – The MACD is now attaining momentum in the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now nicely down below the 50 degree.
Major Assistance Ranges – $53,000, adopted by $51,750.
Key Resistance Levels – $54,850, $55,000 and $55,500.
